ThePickleRick

ThePickleRick Updated 

It is likely that we will continue the move downwards, with bouts of consolidation, between now and the beginning of 2023. The composite man theory can be applied reliably now because institutional players are involved. We all know that BTC has events that create scarcity built into the system. These two facts mean that, to an extent, cyclical market behavior can...

ThePickleRick Updated 

There is a textbook bear flag forming on the daily and weekly TFs for BTCUSD. This flag is forming after an aggressive move down and has not had the strength to move back up through the 0.382 Fib, signaling the viability of the pattern. The VPVR is showing a B shaped volume profile at the point of control, reinforcing the probability of a move to the downside. I...

ThePickleRick Updated 

Litecoin did a good job cooling off and ranging over the weekend after that huge move up. Hopefully it was taken advantage of and everyone has accumulated what they needed because we are running out of time. We retraced a healthy 50% and found support. LTC is currently working on retaking the 23.6% Fib level after a significant breakout. Everything is set for LTC...

ThePickleRick Updated 

Litecoin is having it's moment in the spotlight today. The upcoming upgrades are being factored into the price prior to going live. This rapid momentum has sent us deep into oversold territory and marks the need for a pullback to cool things off. At this moment, it does not appear that LTC respects oversold conditions haha. Regardless, barring an extended rally to...

ThePickleRick Updated 

It appears that BTC is in phase D of the Wyckoff accumulation schematic. This is coming on the heels of a classic distribution event that ended with the selling climax in May. While this distribution event resulted in a thorough correction, we have not retraced far enough to invalidate the Elliot wave count. Wave two is wrapping up on the smaller set of waves that...

ThePickleRick

In the short term we are nearing the expected target of the bear head & shoulders pattern formed on the daily but the Fib conditions for wave C's completion have been met. This means that we may break down from here to realize that target but it is entirely possible that wave C is complete and $39,500 will be the higher low for the time being. In the longer term...

ThePickleRick

Let's dive right into a couple of the positive/bullish aspects on the ETH chart. Firstly, on the 4 hour chart we can see that ETH has broken above the 8, 13, 21 and 50 day averages causing them to converge and is now using them as support. We can see the MACD showing bullish convergance starting on 3/30 with volume that day being higher than the previous by...

ThePickleRick

Since breaking the supporting trend line around $900, Ether looks to have completed a bear head and shoulders formation once it decended to $850. It is currently flirting with the 38.2% fibonacci retracement line at $810; it has decended through this line for the third time now on the 4H chart. It looks like the bulls may be trying to force it to close back above...